MediaAlpha Inc.
11/04/2024 | Press release | Distributed by Public on 11/04/2024 15:24
Regulation FD Disclosure Form 8 K
Item 7.01 Regulation FD Disclosure.
Update Regarding the FTC Matter
On February 21, 2023, the Company received a civil investigative demand from the Federal Trade Commission (the "FTC") regarding compliance with the Federal Trade Commission Act (the "FTC Act") and the Telemarketing Sales Rule (the "TSR"), as they relate to the advertising, marketing, promotion, offering for sale, or sale of healthcare-related products, the collection, sale, transfer or provision to third parties of consumer data, telemarketing practices, and/or consumer privacy or data security. The Company has cooperated fully with the FTC investigation.
On October 30, 2024, following the Company's earnings call, the Company received an initial settlement demand from the staff of the FTC (the "FTC Staff") stating that the FTC Staff is prepared to recommend that the FTC approve the filing of a complaint against the Company for violations of Section 5(a) of the FTC Act, the TSR and the Government and Business Impersonation Rule. The FTC Staff proposes to seek injunctive and monetary relief and civil penalties.
Please refer to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, in particular Part I, Item 1-Note 5-Commitments and Contingencies-Litigation and other matters, Part I, Item 2 (Management's discussion and analysis of financial condition and results of operations - Liquidity) and Part II, Item 1A (Risk Factors) for further information regarding this matter.